Indices log modest gains in early trade; breadth strong

Key benchmark indices are trading with modest gains in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 163.44 points or 0.3% at 54,441.16. The Nifty 50 index was up 55.55 points or 0.34% at 16,293.75. Most Asian stocks are trading higher.

The S&P BSE Mid-Cap index was off 0.21%. The S&P BSE Small-Cap index was up 0.1%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1742 shares rose and 942 shares fell. A total of 104 shares were unchanged.

Stocks in news:

SAIL fell 0.96%. SAIL reported consolidated net profit of Rs 3,897.4 crore in Q1FY22 as against net loss of Rs 1,226.5 crore in Q1FY21. Total income jumped to Rs 20,754.75 crore from Rs 9346.21 crore YoY.

Tata Power Company lost 1.89%. The company's consolidated profit after tax after exceptional items surged 74% at Rs 466 crore in Q1 FY22 as compared to Rs 268 crore in Q1 FY21. Consolidated revenue stood at Rs 9,831 crore up by 47 % as compared to Rs 6,671 crore in Q1 FY21.

Karnataka Bank rose 1.08%. Karnataka Bank said that the bank is empanelled by the Reserve Bank of India to act as an "Agency Bank" to facilitate transactions related to Government businesses.

Adani Enterprises shed 0.38%. Adani Enterprises informed that the company has incorporated a wholly-owned subsidiary namely, Noida Data Center Limited (NDCL) on 5th August, 2021. NDCL is incorporated with the object to develop, operate, maintain, deal with the business of Data Centers/IT/ITeS/ Cloud2E

Divi's Laboratories rose 1.15% after the pharmaceutical major's consolidated net profit jumped 13.2% to Rs 557.11 crore on a 13.3% surge in net sales to Rs 1,960.64 crore in Q1 June 2021 over Q1 June 2020.

Global Markets:

Overseas, Asian stocks are trading mostly higher on Monday, with indexes in Australia, Hong Kong and the Chinese mainland posting gains. Markets in Japan and Singapore are closed for public holidays.

In US, the Dow and the S&P 500 indexes closed at record highs on Friday following a stronger-than-expected jobs report, while investors shrugged off concerns over the Delta variant impacting a nascent economic recovery.

Hiring surged in July as American employers added 943,000 jobs. The unemployment rate dropped to 5.4% another sign that the U.S. economy continues to bounce back with surprising vigor from last year's coronavirus shutdown.

Back home, key benchmark indices snapped four-day winning run to end with modest losses on Friday. The barometer index, the S&P BSE Sensex, dropped 215.12 points or 0.39% to end at 54,227.72. The Nifty 50 index fell 56.4 points or 0.35% at 16,238.20.

Foreign portfolio investors (FPIs) sold shares worth Rs 69.37 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 631 crore in the Indian equity market on 5 August, provisional data showed.

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